Egypt's Orascom to get $2.5 bn loan from Russia's VimpelcomMay 3, 2012 - 21:02 AMT PanARMENIAN.Net - Egypt's Orascom Telecom said on Thursday, May 3 it would receive a $2.5 billion loan from its majority shareholder, Russia's Vimpelcom so it can develop networks in Bangladesh and other markets. "We are receiving a credit facility worth $2.5 billion from Vimpelcom for five years at an interest rate of 12.5 percent," Chief Executive Ahmed Abou Doma said in a conference in Cairo. "We need the loan to get liquidity to develop our networks, especially in Bangladesh." Abou Doma said the firm had a shortage of liquidity that was mainly caused by its inability to repatriate profits from lucrative Algerian unit Djezzy, which has been in a long-running dispute with the government there, Reuters reported. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |